1. The people promising AGI are lying 2. The people promising AGI don't know what they're saying 3. The people promising AGI are hedging against AGI not eventuating but some intermediate value emerging. This is the most charitable read, but also totally at odds with getting people to invest, since the investment is predicated on AGI achievement
The correct answer is almost certainly "some people are silly, some people are grifting, some people think AGI is coming, but all the investment certainly benefits from people conflating AGI with a very good product instead of a world-changing achievement".
Eric Schmidt imagining AGI and then speculating that people will like, still be churning out apps, as if humans will need to do that sort of menial labour, just blew my mind and made me question many of the stories I had heard about his intelligence.